Estimate the mortgage amount that best fits your budget.
Compare Today’s Refinance Rates
On Tuesday, October 19, 2021, the national average 30-year fixed refinance APR is 3.250%. The average 15-year fixed refinance APR is 2.580%, according to Bankrate’s latest survey of the nation’s largest refinance lenders.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.
Current mortgage refinance rates
Refinance rates change all the time, driven by factors like the economy, Treasury bond rates and demand. Lenders nationwide provide weekday mortgage rates to our comprehensive national survey of the most current rates available. The interest rate table below is updated daily. Use these as a guide to what’s available, but keep in mind your rate may vary depending on your qualifications and the lender you choose.
|30-Year Fixed Rate||3.120%||3.250%|
|20-Year Fixed Rate||2.980%||3.120%|
|15-Year Fixed Rate||2.400%||2.580%|
|10/1 ARM Rate||3.440%||4.000%|
|7/1 ARM Rate||3.150%||3.880%|
|5/1 ARM Rate||2.720%||3.980%|
|30-Year VA Rate||2.840%||3.050%|
|30-Year FHA Rate||2.730%||3.610%|
|30-Year Fixed Jumbo Rate||3.120%||3.190%|
|15-Year Fixed Jumbo Rate||2.400%||2.460%|
|7/1 ARM Jumbo Rate||3.430%||3.730%|
|5/1 ARM Jumbo Rate||2.730%||3.690%|
Rates as of October 19th, 2021 at 6:30 AM
Mortgage Refinance News
Bankrate survey finds 74% of homeowners with pre-pandemic mortgages haven't refinanced despite historically low mortgage rates
While the savviest homeowners refinanced, and some have even done so twice, millions more have yet to take advantage of rates that once would have seemed unthinkably low. Among homeowners with a mortgage since before the pandemic, fully 74 percent have not refinanced, according to Bankrate's new national survey of over 1,000 mortgage holders.
Common reasons why homeowners haven’t refinanced
Among homeowners who haven’t refinanced, these are the most-cited reasons:
- Wouldn’t save enough money to warrant a refi. That choice was named by 32 percent of respondents. Baby boomers were more likely to feel refinancing wouldn’t save them enough money (37 percent, compared with 29 percent for Gen X and 21 percent for millennials).
- Closing costs and fees. Fully 27 percent of respondents named that as an obstacle, with Gen Xers most likely to point to this reason (34 percent, compared to 27 percent of baby boomers and 20 percent of millennials). It’s true: Closing costs can cost you thousands of dollars, typically 3 percent to 5 percent of the amount of the loan. However, if you can cut your rate significantly and plan to stay in your home for a while, you’ll recoup those costs.
- Too much paperwork. That hurdle was cited by 23 percent of those who have yet to refinance.
- Plan to move or pay off the loan soon. This was mentioned by 14 percent of those who haven’t refinanced. That’s a valid reason not to refinance — it can take years to pay off closing costs, so refinancing is best for homeowners who plan to keep their new mortgages for years.
- Credit score needs work. Some 12 percent said their credit scores were too low to refinance. That could be another credible reason not to refi— most mortgage borrowers in 2021 have higher credit scores. On-time mortgage payments are one of the best ways to boost your credit score, so make sure to pay your loan promptly.
Millennials embrace refinancing
Millennials are the largest group of homeowners who have already refinanced, at about 28% with a pre-pandemic mortgage, but 21 percent of millennials think vacations or big ticket non-essential items represent good reasons to tap into home equity. Cashing out equity in a refinance is usually best reserved to further your financial goals, such as consolidating debt or paying for tuition.
Rates are likely to rise, so grab the refi opportunity now
If you haven’t refinanced yet, now is an ideal time. Housing economists expect rates to rise by the end of 2021. Bankrate’s survey finds 38 percent of homeowners with a mortgage don’t know their interest rate, including 54 percent of millennials.
Those who do know their mortgage rate reported a median rate of 3.57%, and an average of 4.57 percent. Both of those levels are well above current rates, meaning homeowners can reap significant savings with a refi. In separate research, mortgage data firm Black Knight says 15 million American homeowners are in position to save by refinancing.
To illustrate one example, if you have a 30-year loan for $300,000 at 4 percent, your monthly payment is $1,432. Refinancing to 3 percent would cut it to $1,265, reducing the payments by $167 a month or $2,004 a year.
What to you need to know about refinancing your mortgage
Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.
Reviewed by: Greg McBride, chief financial analyst for Bankrate
Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.
Loan comparison calculator
Mortgage loan calculator
Calculate what your mortgage payment will be and how much you can afford.
How much house can I afford?
Estimate the mortgage amount that best fits your budget.
Amortization schedule calculator
Determine how much of your monthly payment will go toward the principal and how much will go towards interest.
- 30-year mortgage rates
- 20-year mortgage rates
- 15-year mortgage rates
- 10-year mortgage rates
- VA loan rates
- FHA loan rates
Mortgage rates in other states
- United States
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Washington DC
- West Virginia